Nobody likes to think about dying, but death is an inevitable reality. Discover what you need to do to make sure you loved ones are cared for when you die.
(Click the featured times below to jump forward in the episode)
Puzzle Of The Month:
- [6:00] – Dan dives into the inevitable reality of death.
[1:25] – A Recent Trip To The Hermitage.
- Dan recently traveled to Former President Andrew Jackson’s home, The Hermitage. Jackson was a controversial figure. While he’s lauded for finally putting an end to British attempts to conquer North America, he’s widely criticized for his stances on slavery and treatment of Native Americans. Regardless, the tour of Jackson’s home left Dan considering the importance of thinking beyond your circumstances.
[6:00] – The Reality Of Death.
- No, Dan is not dying, but death is something you shouldn’t overlook as you plan for retirement. After all, everyone’s time will come sooner or later. Sadly, we estimate we lose about one client per quarter these days. However, we were able to prepare those clients and their families for the financial implications of dying. The truth is, you need to prepare now for that inevitability.
[8:34] – A Matter Of Faith.
- Dan shares how his faith prepares him for death and influences how he lives in the present.
[9:48] – You Need An Estate Plan.
- If you haven’t updated your beneficiaries and your will in several years, you need to prepare those documents accordingly. Perhaps you’ve remarried or had more children since you last took those steps, and the sad truth is, the passing of wealth can get messy if you haven’t prepared. The last thing you want to do is leave your family in a mess when you die.
[11:30] – Dan Shares The Story Of An Estate Planning Fiasco.
- Dan shares the story of a couple who failed to update their estate plan appropriately. While they’d updated their will, they hadn’t updated the documents associated with their IRA accounts, and their mistake left their son in quite the pickle.
[14:10] – Set Your Power Of Attorney.
- Put your power of attorney in order. Perhaps you’ve set your spouse as your power of attorney, but if he or she is also incapacitated or incapable of making important decisions, you’ll need to have another power of attorney in order.
[15:33] – What Happens To Your Debts When You Die?
- It depends. However, if you leave your children an asset that has debt attached to it, they’ll have to deal with it. Furthermore, if you leave your children an asset that’s going through probate court, then your creditors will apply to be paid before anyone else gets paid.
[17:54] – A Message For Younger Listeners.
- If you’re in your forties or fifties, write down the things you’d like to do before you die. Make a bucket list, and develop a plan to achieve your goals. Take advantage of the time that’s set before you.
Puzzle Solver Assignment:
- [22:39] – Write down what it would take to live a life without regret. If you can’t get it all done, prioritize your list.
The Full Picture:
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